Wednesday, July 11, 2012

Endeavour Silver (EXK) Production Soars in Q2

Silver production in the second quarter for miner Endeavour Silver Corp. (NYSE: EXK) soared by 22 percent, climbing to approximately 1 million ounces for the quarter.

The company said it on target to reach it production estimates for the entire year.

Gold production for the company in the quarter jumped to 7,695 ounces, an increase of 59 percent over the same quarter last year.

Revenue for the quarter increased to $40.4 million, a boost of 11 percent. Higher production overcame the drop in silver prices during the period. Silver prices were down almost 25 percent from last year during the same period.

For the year, Endeavour said it should reach its goal of 4.3 million ounces of silver and 26,000 ounces of gold.

Flush with cash, Endeavour says it's still on the look out for more properties after acquiring AuRico Gold Inc's El Cubo silver-gold mine in Mexico for $250 million. It has over $130 million net cash on its balance sheet, which surpasses 15 percent of market capitalization.

Endeavour, which owns and operates the Guanacevi and the Guanajuato mines in Mexico, closed Wednesday at $7.88, down by $0.01, or 0.13 percent.

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